Prudential Zenith Life Insurance and Standard Chartered Bank Nigeria Limited have announced a strategic bancassurance partnership aimed at expanding access to life insurance and financial protection across Nigeria.
The partnership combines Prudential Zenith’s insurance and underwriting expertise with Standard Chartered’s banking network to provide customers with more accessible protection and financial planning solutions.
The companies said the collaboration is designed to help bridge Nigeria’s insurance gap and promote financial inclusion by making insurance products available through everyday banking touchpoints.
Under the agreement, Standard Chartered customers will gain access to a range of life insurance products designed to address different financial and life-stage needs, including individual protection, family security and education planning.
Speaking on the partnership in Lagos, Afolabi Lawal, Executive Director and Chief Financial Officer of Prudential Zenith Life Insurance, said the initiative would help make financial protection more accessible to Nigerians.
“At Prudential Zenith, we believe that financial inclusion is not only about access, but also about empowerment,” Lawal said.
He said the partnership would enable the insurer to reach more Nigerians with products that provide both financial protection and support for long-term aspirations.
“Whether it is safeguarding a child’s education or securing a family’s future, we are making life insurance more intuitive, affordable, and integral to every customer’s financial journey,” he said.
Lawal added that the partnership would help remove barriers to insurance access while contributing to a more financially resilient society.
Also commenting on the agreement, Ayodeji Adelagun, Acting Chief Executive Officer of Standard Chartered Bank Nigeria Limited, said the partnership aligns with the bank’s focus on providing financial solutions that protect customers and their families.
“This partnership with Prudential Zenith Life Insurance underscores our commitment to deliver financial solutions that enable and protect clients and their families,” Adelagun said.
He said integrating insurance products into the bank’s existing services would strengthen its wealth management offerings while expanding access to financial protection.
“Our customers can now secure their futures with confidence, knowing that their wealth and legacy are protected,” he said.
The agreement builds on a 27-year global relationship between Prudential and Standard Chartered spanning 11 markets across Africa and Asia.
Standard Chartered Bank re-entered the Nigerian market in 1999 as a wholly owned subsidiary of Standard Chartered Plc.
The bank provides financial products and services across Corporate and Institutional Banking and Wealth Management.
Prudential Zenith Life Insurance became a wholly owned subsidiary of Prudential plc following its acquisition of 100% of the company’s shareholding on September 26, 2024.
The insurer has since grown into one of the most capitalised companies in Nigeria’s insurance industry.
Prudential Zenith Life Insurance reported a Profit After Tax of N7.4 billion for the 2024 financial year.
The company provides individual insurance plans covering savings, investment-linked products, endowment and protection policies.
Its corporate offerings include Group Life, Key-Man Assurance, Credit Life, School Fees Protection and Mortgage Protection.
The latest partnership comes as financial institutions and insurers increasingly explore bancassurance as a way of making insurance products more accessible by distributing them through established banking channels.
By combining Standard Chartered’s customer network with Prudential Zenith’s insurance capabilities, the companies expect the partnership to support wider adoption of life insurance and strengthen financial protection for individuals and families in Nigeria.
